Author Archives: Phillip A. Baumann
Federal Estate Tax Exemption Bumped Up for 2023
If you have a high net worth, there is good news for the new year: the IRS has increased their estate tax exemption for the year 2023. There are also higher thresholds for tax-free gifts, which can make a big difference in how and when you decide to distribute your assets. Here is what you […]
How to Spot Cognitive Decline in a Loved One
Cognitive decline is common in aging people. Many seniors notice their faculties are not as sharp as they once were, whether that is the occasional memory issue or a degenerative condition like dementia. It can be difficult to tell whether your loved one is suffering from brief lapses of memory or if they are showing […]
What if I Can’t Find a Copy of My Loved One’s Will?
Wills are the most common estate planning tool—but what happens if your loved one dies and you cannot find the original or a copy? Whether you are the personal representative or need to find out who is, finding a missing will can be challenging. Where to check Whether you are certain the deceased person made […]
What to Include in Your Advance Directives
Creating advance directives might not be a fun task, but it is one of the best things you can do for yourself and your loved ones. Also known as a “living will,” advance directives inform your doctors and loved ones on how you want to be treated if you are unable to express your own […]
Can You Write Your Own Will?
Many Floridians want to know whether they can write their own will. The answer is yes—but depending on the extent of your estate and what you hope to accomplish, working with an experienced estate planning attorney is often a better option. Florida legal requirements To make a valid will in Florida, the testator must be […]
How COVID-19 Affected Life Insurance
The COVID-19 pandemic changed a lot of things about our world and the life insurance underwriting market is no exception. Life insurance applications have increased significantly since 2020, while the insurance industry itself has struggled to understand the virus’s impact on mortality. Life insurance payouts have soared—to the tune of $90 billion in 2020 and […]
Can You Leave Assets to Your Former Spouse?
Often, when couples divorce, they’re advised to update their estate plan as soon as possible—otherwise, their ex-spouse may inherit all or part of their estate. Not all divorces are contentious, however, and some people actually want to leave assets to their former spouse. For example, they may regard their ex fondly and want to make […]
How to Talk to Your Family About Your Estate Plan
How to Talk to Your Family About Your Estate Plan We have all seen movies and TV shows with dramatic readings of a will. While that is a great way to increase the drama, in real life, it is not ideal. Depending on your relationship with your family and other loved ones, it is often […]
Duties of a Personal Representative
When you are deciding who should be your estate’s executor, also known as a personal representative, it is important to consider their actual duties. Generally, you want to choose someone who is trustworthy, reliable and has the skills to carry out the required tasks. Here are the main duties of a personal representative: Locating assets […]
Should You Leave Your Assets to Charity?
Giving money or assets to charity is a popular philanthropic deed. It is a nice way to support causes or communities that you appreciate, even after you pass away. Whether you leave part or all of your estate to charity, there are many different ways to achieve your charitable goals. Plus, it can have some […]